Comprehensive Annual Financial Report (CAFR) - Johnson City

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CITY OF JOHNSON CITY, TENNESSEENOTES TO THE FINANCIAL STATEMENTSFor the Fiscal Year Ended June 30, 20111. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):C. Measurement focus, basis of accounting, and financial statement presentationThe government-wide financial statements are reported using the economic resources measurementfocus and the accrual basis· of accounting, as are the proprietary fund statements. Revenues arerecorded when earned and expenses are recorded when a liability is incurred, regardless of thetiming of related cash flows. Property taxes are recognized as revenues in the year for which theyare levied. Grants and similar items are recognized as revenue as soon as all eligibility requirementsimposed by the provider have been met.Governmental fund financial statements are reported using the current financial resourcesmeasurement focus and the modified accrual basis of accounting. Revenues are recognized as soonas they are both measurable and available. Revenues are considered to be available when they are. collectible within the current period or soon enough thereafter to pay liabilities of the current period.For this purpose, the government considers revenues to be available if they are collected within 60days of the end of the current fiscal period for local revenues, 120 days for state-shared revenues,and 360 days for expenditure-driven grant revenues. Expenditures generally are recorded when aliability is incurred, as under accrual accounting. However, debt service expenditures, as well as ·expenditures related to compensated absences and claims and judgments, are recorded only whenpayment is due.In general, taxes, licenses, federal and state grants and interest associated with the current fiscalperiod are all considered to be susceptible to accrual and have been recognized as revenues of thecurrent fiscal period. Business taxes are not considered measurable and therefore are not susceptibleto accrual. All other revenue items are considered to be measurable and available only when cash isreceived by the government.The City reports the following major governmental funds:The General Fund is the government's primary operating fund. It accounts for allfinancial resources of the general government, except those required to be accounted forin another fund.The General Purpose School Fund accounts for transactions of the City School System.The major sources of revenues for this fund are state-shared revenues and local propertYand sales taxes.The Debt Service Fund accounts for the accumulation of resources for the payment ofprincipal and interest on long-term general obligation debt other than that payable fromenterprise funds and the general obligation debt used to construct educational facilities.The Educational Facilities Debt Service Fund accounts for the accumulation of resourcesfor the payment of principal and interest on long-term general obligation debt for theconstruction of educational facilities.41
CITY OF JOHNSON CITY, TENNESSEENOTES TO THE FINANCIAL STATEMENTSFor the Fiscal Year Ended June 30, 20111. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):C. Measurement focus, basis of accounting, and financial statement presentation (continued)The School Capital Project Fund accounts for the acquisition and construction of majorcapital facilities for the schools.The City reports the following nonmajor governmental funds:The Freedom Hall Civic Center Fund accounts for the revenues generated from the CivicCenter's operations. Fee revenues are supplemented by the General Fund to the extent ofthe facilities cost.The School Federal Projects Fund accounts for all revenues received under this law.The Special School Projects Fund accounts for all revenues received for various specialprojects for the schools.The School Food Service Fund accounts for the revenues and expenditures of schoolcafeterias.The School Site Based Fund accounts for the revenue and expenditures of the schoolactivity funds.The Transportation Planning Fund accounts for special state an,d federal transportationplanning projects through state and federal revenues.The Drug Fund accouJ;~ts for drug fines awarded by court action.The Police Grant Fund accounts for all police grants from the federal, state and localgovernments.The· Police Technology Fund accounts for fees provided by moving violations to fundsafety equipment and technology for the. police department.The Community Development Fund accounts for Housing and Urban DevelopmentFunds.The Senior Citizens Fund accounts for contributions and fundraising for the SeniorCitizens Center.The Employee Scholarship Fund accounts for donations from city. employees to fundscholarships for children of city employees who are entering college.42
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Comprehensive Annual Financial Report (CAFR) - Johnson City

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